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Bank Of America Remains Optimistic On Johnson & Johnson

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In a report published Friday, Bank of America analyst Bob Hopkins reiterated a Neutral rating and $106.00 price target on Johnson & Johnson (NYSE: JNJ).

In the report, Bank of America noted, “Yesterday, the Wall Street Journal reported that JNJ will seek a buyer for its Cordis division, which is a strong $600-$800mm (our estimate) peripheral stent and balloon franchise. JNJ has not commented on the WSJ article. JNJ's cardiovascular division is made up of Cordis endovascular, BioSense Webster (JNJ's AF business) and other Cardiology. In our view, AF is roughly a $1.2bln business for JNJ, which suggests other cardio and Cordis endo generate about $800mm. Cordis does not include JNJ's neurovascular franchise, but it does include JNJ's nascent AAA franchise. During JNJ's recent analyst day, the company disclosed that Cordis endovascular grew 7% in 2013. JNJ projects 2% endo market growth going forward. We are more optimistic.”

Johnson & Johnson closed on Thursday at $102.95.

Latest Ratings for JNJ

DateFirmActionFromTo
Nov 2016BarclaysDowngradesOverweightEqual-Weight
Sep 2016JefferiesMaintainsHold
Aug 2016JefferiesMaintainsHold

View More Analyst Ratings for JNJ
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Posted-In: Bank of America Bob HopkinsAnalyst Color Reiteration Analyst Ratings

 

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